ATLANTA – The Savings Bank Life Insurance Company (SBLI) and LexisNexis Risk Solutions today announced SBLI was selected as a 2017 Celent Model Insurer Award Winner in the category “Data Mastery and Analytics” as a result of implementing the advanced risk assessment and predictive modeling solution, LexisNexis® Risk Classifier. SBLI, which provides life insurance products to individuals and families in the U.S., was recognized for improving the life insurance application experience by reducing cycle times and dropout rates, eliminating the need to pull fluids and conduct exams while pricing policies more competitively and placing applicants into appropriate risk classes.
“Our mission is to offer affordable, dependable life insurance to all who need it. And to offer this to today’s consumers we needed an innovative, faster and more affordable customer-centric process,” said Brian O’Connell, Chief Underwriter, SBLI. “With the help of LexisNexis Risk Classifier, we were one of the first life carriers in the industry to embrace the predictive modeling initiative and use it to improve our customers’ overall experience, which has enabled us to emerge as an innovator in the life insurance industry.”
“SBLI’s challenge was to increase business while remaining profitable, and they aimed to accomplish this by improving their ease and speed of doing business and focusing on innovation,” said Elliott Wallace, GM and VP, Life Insurance, LexisNexis Risk Solutions. “LexisNexis Risk Classifier offered SBLI a way to use new information, in combination with existing and other market offerings, to build a quicker and more cost effective method to achieve their goal.”
"Analytics and data is no longer something that happens at the end of a project as an afterthought," commented Craig Beattie, Senior Analyst in Celent's Insurance practice. "Leveraging value from data and smarter systems is now the source of benefits and the goal of the projects."
In its recognition of SBLI’s initiatives for expedited cycle times and enhanced customer experience, Celent highlighted the insurer’s results, including an accelerated processing time. SBLI’s average processing time was 25 days prior to implementing this new process. With this new process, a number of policies can be approved within 24 hours. In addition, SBLI has been able to reduce the overall underwriting cost per application with a reduction of examiner-gathered and APS requirements.
About LexisNexis Risk Solutions
LexisNexis Risk Solutions harnesses the power of data and advanced analytics to provide insights that help businesses and governmental entities reduce risk and improve decisions to benefit people around the globe. We provide data and technology solutions for a wide range of industries including insurance, financial services, healthcare and government. Headquartered in metro Atlanta, Georgia, we have offices throughout the world and are part of RELX (LSE: REL/NYSE: RELX), a global provider of information and analytics for professional and business customers across industries. For more information, please visit www.risk.lexisnexis.com and www.relx.com.